Advice to Buyers: Spend Cautiously Before Closing

Daily Real Estate News | November 12, 2007
Home buyers should take care not to run up a lot of debt between the time they are approved for a mortgage and the day they go to the closing table.

Many lenders are pulling credit history and credit scores within a week of a buyer’s scheduled closing date just to make sure nothing major has changed. What the lender doesn’t want to see is a huge run-up of credit-card debt or other loans.

The lender also may require the borrower to sign a statement at closing affirming that there has been no change in the borrower’s financial ability to repay the loan and that the borrower’s employment status remains the same.

Home buyers should be particularly cautious not to throw their debt ratio out of whack by buying things for the new home before they own it because the added debt might change their credit score and the lender may no longer be willing to lend them money at the rate promised, or maybe not at all.

The best advice, experts say, is to wait to do that shopping until after closing.

Source: Ilyce Glink, Real Estate Matters Syndicate (11/09/2007)

Our West End Newsletter

Our October/November Newsletter is out! I received mines yesterday, complimentary of the free door to door distribution- thanks guys!! If you haven’t received your newsletter you can pick one up at many of the businesses on Ralph David Abernathy Blvd (RDA) or check out my favorite spot- the West End Print shop..

As usual there is great info and news on the West End, neighbors and events. Many wonderful articles to reinforce our pride in our community. Many new neighbors, new children, new businesses. I was particularly happy to see the article on how some of our neighbors, renters AND owners are helping to fight/overcome mortgage fraud in our area. (check out page 6)

Sales in the West End are jumping! Just today I was on the phone with a buyer who is considering placing an offer on a house that already has a few offers!!!!!!How awesome is that? *My fingers crossed for you buyer*
But there are still beautiful homes available. I’m excited to see the movement and offers going forth in our area. I love the many calls I receive from those particularly interested in the West End (Historic district and other). A few of my buyers also have Westview homes on their list- Historic West End’s neighbor. Pretty soon what will I do for business? 🙂 I’m sure all our homes will be filled with long term residents!

I applaud neighbor Carl Ness, for his promotion and diligence in all he does. Check out the WEND blog (http://www.wendblog.com/) for details on his latest tasks “getting rid of an eyesore”. Also, contact Carl if you’d like to purchase a “West End Historic District” street topper sign. Only $45- I’m getting one for my door! (I wish I had a metal gate in front of my house!) 404-755-7832.

On another note, our support is also needed to keep publishing our newsletter. Currently it is published by a 501(c)3 non profit community development organization “Creating Vibrant Communities, Inc.” (read more on them on page 1 of the paper this issue). Both donations and advertising will have to increase in order to keep the paper going. Remember- our donations are tax deductible since it is a non-profit 501(c)3. Let’s see if we can pull together and support the organization that help keep us connected! Checks can be made out to “Our West End Newsletter” and mailed or dropped off at 662 Grady Place SW, Atlanta, GA 30310

http://www.ourwestendnewsletter.org